Guide
How much life insurance do you need?
A tool to walk through the math: income years, debts, education and what you already have.
Add up what your income supports and take away what you've already set aside. It won't be perfect, and it doesn't have to be—term amounts come in round figures anyway, and you're aiming for enough to keep your household running during the years that matter most.
Coverage estimate
Estimate = income × years + debts + education − savings and group coverage you already have, round to the nearest $5,000. This is a starting estimate, not a recommendation.
Why those inputs
Income years. Most planners suggest ten to twenty years; yours depends on how long dependents would need support. Lafayette families with young kids tend toward the longer end because school, housing and childcare costs are all happening at once.
Debts. Your mortgage is probably the biggest one. Enough coverage to wipe it out gives your survivors the freedom to make choices rather than being forced by cash shortfall.
Education. A rough amount per child in today's money. Figuring it now is easier than buying another policy down the road.
What you already have. Cash you could use if needed, and employer-provided coverage. Group coverage typically stops when employment ends, so most people only count a portion of it.
When you settle on a number, head to the quote tool to see what it costs across 10 to 30 years with each carrier. Picking a bit more than your estimate is normal—the monthly cost difference is modest when you're younger.